LONDON–(BUSINESS WIRE)–The global smart toys market size is expected to grow by USD 878.60 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The growing adoption of STEM toys for children’s skills enhancement is expected to drive the smart toys market growth. STEM toys can be used to enhance the cognitive skills of students and can also be used to promote logic, collaboration, problem-solving, and creative skills among students. Parents are increasingly opting for smart construction kits, as they enhance the imaginative and the motor skill of individuals. In addition, the demand for modular kits that correspond to various STEM subjects is increasing in the market. STEM toys are increasingly being adopted in the age groups of 4-8 years and 8 years and above. In the future, jobs in STEM disciplines are expected to experience a sharp increase. Hence, an increasing number of parents are focusing on equipping kids with smart toys and making them future-ready.
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As per Technavio, the rising awareness for character-based smart toys will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Toys Market: Rising Awareness for Character-Based Smart Toys
The demand for character-based smart toys is increasing owing to growing promotional activities and rising investments in the marketing of films, and animations series. Moreover, the marketing strategies of vendors have shifted to being more proactive by introducing animation series, prior to launching character-based smart toys. Furthermore, licensors and property owners such as Disney are increasingly organizing events to promote their characters and properties. This is helping to increase merchandise sales by creating brand awareness and heightening recall value for smart toys. These companies are also using social media to promote various events. In addition, media and entertainment companies such as Disney and Warner Bros. are partnering with vendors to promote the popularity of their upcoming movies through the sale of smart toys. Such initiatives between vendors and, media and entertainment companies are expected to propel the global smart toys market.
“Other factors such as the increase in personal disposable income and rising middle-class population, and the increasing use of augmented reality (AR) in toys will have a significant impact on the growth of the smart toys market value during the forecast period,” says a senior analyst at Technavio.
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Smart Toys Market: Segmentation Analysis
This market research report segments the smart toys market by technology (Wi-Fi, Bluetooth, and others) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the smart toys market share in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing disposable incomes, and increasing consumer awareness about various smart toy brands.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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